Nov 30, 2015

External debt reaches Ks10.2 trillion

State-owned newspapers have quoted Maung Maung Win, permanent secretary of the Ministry of Finance, saying that Myanmar had an external debt of Ks10.2 trillion.

“The country can maintain the current debt conditions. The ministry will have to warn people about it when there is a heavy debt burden. For instance, foreign debt will be Ks9 trillion within the next two or three months but it is now Ks10.2 trillion. The country pays off some debts approved by Parliament. We will get current debt figures after deducting external debts repaid. External debts will vary daily,” Maung Maung Win reportedly said.

“We are taking public debt management measures with the technical assistance of the Asian Development Bank (ADB). The Public Debt Management Bill has been sent to Parliament. After the enactment of this bill, the government will follow the facts pertaining to internal and external debts. The Debt Management and Cash Management departments will carry out the submission of debt reports and analysis and measurement of debt sustainability,” Maung Maung Win added.

Until December 31, 2014, the country had an external debt of US$9.13 billion, including US$4.2 billion from China, the permanent secretary told the media in Nay Pyi Taw on May 26.

Source: Eleven Weekly Media